All Forum Posts by: Mary Ann

So no one knows any contractors in Albany? I am interested too.

These are great tips esp the rehab then refinance. Then hold. Did I get the order right?  I didn’t think I could refinance so soon. Is there a time limit? Most hard lenders are 12 months. Thanks again everyone. 

Can someone please explain to me in baby English how you can pay back a private lender - who is a regular person?  For instance, I'm interested in multifamilies, buy/hold properties.  A hard money company told me I need 20% down but I can raise it from other people.  But how do I pay back those people if I am holding the property?  

Looking for strategies.  Thanks!

Yes, I'd love a half day trip up there leaving from the NYC area and would pay for that to view props with others investors.

Yes, I'd love a half day trip up there leaving from the NYC area and would pay for that to view props with others investors.

If she turns the house over to him, can he buy her out from the equity since he cant refinance with bad credit? Also would he need good credit to have the house turned over to him?

So is the consensus just to sell because it's in a high market? 

He doesnt want to sell YET because Brooklyn is such a great market and he wants to start investing.  But he's has bad credit, and is renting now. He sees this as an opp to build is financial security.

She owns 50% of the property,  I am not sure what she is asking for to sell.  I'm sure asking price.  Could the sister turn over the mortgage to the brother and put him on the deed, refinance, and buy his sister out so he owns 100%?  Or would he need to apply for his own mortgage.  Just thinking.  

I know someone whose father is deceased and he wants to buy his sister out of the house. 

The sister name is on the deed, etc.  The sister wants to be bought out of her 50% and free of the property.  There is 300K mortgage left on the property valued at 670K.    It is a single family 3 bed 1 bath with basement. 

 He is new to investing and wants to leverage the property to eventually buy a home down South.  He wants to use the house as an income stream, and start investing.  He's worried his poor credit may prevent him from mortgaging the house.  

What is the best strategy to leverage the house to invest in other properties, rent the property (airbnb?) vs him just taking on the property and doing nothing? What would you do if you were him?